The new package is not expected to differ vastly from the initial proposal, but will likely introduce new measures, including a clause to raise the government's guarantee on savings from $100,000 to $250,000.
The discussion of the plan will last two and a half hours, and will begin at 7:00 p.m. (23:00 GMT).
U.S. President Bush earlier warned of "painful and lasting" consequences for the country's economy in the event of Congress failing to agree on a rescue plan. A 'Yes' vote in the Senate is likely to give the bill momentum when it is sent back to the House.
The House of Representatives rejected on Monday the bailout plan to rescue the country's financial system, sending the stock market into a steep decline and pushing down oil prices.
The economic stabilization plan, originally devised by the Bush administration and amended by Democrat and Republican congressional leaders on Sunday, was rejected on Monday by a 228-205 vote. Some two-thirds of Republican lawmakers refused to support the rescue package. They were joined by 95 Democrats.
Speaking at the White House, Bush said that, "We are in an urgent situation and the consequences will grow worse each day if we do not act."
"We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he added.
Democrat presidential candidate Barack Obama and his rival, Republican John McCain, will be in Washington for the Senate vote, their campaigns have announced. Democratic vice presidential candidate Joe Biden is also expected to attend to vote.
Both Obama and McCain support Bush's bailout plan.
In line with an agreement to move the bill swiftly to the floor, the proposal will require the support of 60 of the Senate's 100 senators rather than a simple majority.
The Dow Jones index closed up 4.7% on Tuesday, regaining some losses some from Monday, as the markets showed a positive reaction to Bush's words.
Markets in Japan and Australia gained slightly as they opened on Wednesday morning.
The Senate is, analysts say, more likely to pass the bill due to the fact that the senators do not face re-election on November 4.
Many Americans are angry over the proposed rescue plan, seeing it as an extra burden on taxpayers. They also fail to see why 'ordinary people' should have to pay money from their own pockets to bail out Wall St.
The economic stabilization plan, the largest in the country's history, was intended to give the U.S. administration powers to buy devalued mortgage-related assets held by struggling financial companies and banks.
The plan, designed to prevent the current crisis from spreading to the entire U.S. economy, was prepared after a wave of defaults among U.S. financial institutions, including the bankruptcy of investment bank Lehman Brothers, Washington Mutual and the government's $85 billion bailout of insurance giant AIG.
